• About us
  • Advertise with us
  • Privacy Policy
  • Contact us
Friday, August 29, 2025
  • Login
Envision Nigeria
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    T2 partners Huawei to drive telecoms market re-entry

    T2 partners Huawei to drive telecoms market re-entry

    Equities dip, market capitalisation drops N438bn

    Equities dip, market capitalisation drops N438bn

    Japan affirms Afreximbank’s A- rating, stable outlook

    Japan affirms Afreximbank’s A- rating, stable outlook

    Dangote Group to build 3m metric tonnes, valued $2.5bn fertiliser plant in Ethiopia

    Dangote Group to build 3m metric tonnes, valued $2.5bn fertiliser plant in Ethiopia

    GIZ, EU push for small claims courts to aid MSME disputes in Nigeria

    GIZ, EU push for small claims courts to aid MSME disputes in Nigeria

    Safari announces release of Dakuku Peterside’s new book, “Leading In A Storm”

    Safari announces release of Dakuku Peterside’s new book, “Leading In A Storm”

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Rita Dominic reflects on Nollywood journey with Genevieve Nnaji

    Rita Dominic reflects on Nollywood journey with Genevieve Nnaji

    Reel Women International Film Festival 2025 unveils prestigious jury

    Reel Women International Film Festival 2025 unveils prestigious jury

    Bimbo Akintola: Nollywood has lost focus

    Bimbo Akintola: Nollywood has lost focus

    Samuel Osaze’s ‘Ema/Udeh’ documentary wins nominations at international film festivals

    Samuel Osaze’s ‘Ema/Udeh’ documentary wins nominations at international film festivals

    Funke Akindele announces new film at birthday

    Funke Akindele announces new film at birthday

    Fulham in talks for €25m move for Milan’s Samuel Chukwueze

    Fulham in talks for €25m move for Milan’s Samuel Chukwueze

  • World News
  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    How malaria affects human development

    How malaria affects human development

    Steps towards a successful career in events planning without breaking the bank

    Steps towards a successful career in events planning without breaking the bank

    National Cybercrime Centre dismantles WhatsApp fraud syndicate targeting Nigerian elites

    National Cybercrime Centre dismantles WhatsApp fraud syndicate targeting Nigerian elites

    Benefits of gloves, spiritually 

    Benefits of gloves, spiritually 

    What age difference is ideal between husband and wife?

    What age difference is ideal between husband and wife?

    The Versatility of Gender-Neutral Fashion

    The Versatility of Gender-Neutral Fashion

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Review

    The Legend of Zelda: Breath of the Wild gameplay on the Nintendo Switch

    Shadow Tactics: Blades of the Shogun Review

    The Last Guardian Playstation 4 Game review

No Result
View All Result
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    T2 partners Huawei to drive telecoms market re-entry

    T2 partners Huawei to drive telecoms market re-entry

    Equities dip, market capitalisation drops N438bn

    Equities dip, market capitalisation drops N438bn

    Japan affirms Afreximbank’s A- rating, stable outlook

    Japan affirms Afreximbank’s A- rating, stable outlook

    Dangote Group to build 3m metric tonnes, valued $2.5bn fertiliser plant in Ethiopia

    Dangote Group to build 3m metric tonnes, valued $2.5bn fertiliser plant in Ethiopia

    GIZ, EU push for small claims courts to aid MSME disputes in Nigeria

    GIZ, EU push for small claims courts to aid MSME disputes in Nigeria

    Safari announces release of Dakuku Peterside’s new book, “Leading In A Storm”

    Safari announces release of Dakuku Peterside’s new book, “Leading In A Storm”

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Rita Dominic reflects on Nollywood journey with Genevieve Nnaji

    Rita Dominic reflects on Nollywood journey with Genevieve Nnaji

    Reel Women International Film Festival 2025 unveils prestigious jury

    Reel Women International Film Festival 2025 unveils prestigious jury

    Bimbo Akintola: Nollywood has lost focus

    Bimbo Akintola: Nollywood has lost focus

    Samuel Osaze’s ‘Ema/Udeh’ documentary wins nominations at international film festivals

    Samuel Osaze’s ‘Ema/Udeh’ documentary wins nominations at international film festivals

    Funke Akindele announces new film at birthday

    Funke Akindele announces new film at birthday

    Fulham in talks for €25m move for Milan’s Samuel Chukwueze

    Fulham in talks for €25m move for Milan’s Samuel Chukwueze

  • World News
  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    How malaria affects human development

    How malaria affects human development

    Steps towards a successful career in events planning without breaking the bank

    Steps towards a successful career in events planning without breaking the bank

    National Cybercrime Centre dismantles WhatsApp fraud syndicate targeting Nigerian elites

    National Cybercrime Centre dismantles WhatsApp fraud syndicate targeting Nigerian elites

    Benefits of gloves, spiritually 

    Benefits of gloves, spiritually 

    What age difference is ideal between husband and wife?

    What age difference is ideal between husband and wife?

    The Versatility of Gender-Neutral Fashion

    The Versatility of Gender-Neutral Fashion

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Review

    The Legend of Zelda: Breath of the Wild gameplay on the Nintendo Switch

    Shadow Tactics: Blades of the Shogun Review

    The Last Guardian Playstation 4 Game review

No Result
View All Result
Envision Nigeria
No Result
View All Result
Home News Business

CBN lacks power to receive NNPCL crude sales – Atiku

Ademola Damilola by Ademola Damilola
February 1, 2024
in Business, News
1
CBN lacks power to receive NNPCL crude sales – Atiku
0
SHARES
30
VIEWS
Share on FacebookShare on Twitter

Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s recent directive to allow the Central Bank of Nigeria (CBN) to oversee crude oil sales proceeds from the Nigerian National Petroleum Corporation Limited (NNPCL). Atiku argued that the CBN should not bear sole responsibility for this directive, suggesting collaboration with the Nigeria Extractive Industry Transparency Initiative (NEITI) to ensure transparency and accountability.

Tinubu had instructed the CBN on Monday to take charge of crude oil sales from NNPCL, with the oil corporation submitting receipts for vetting and documentation. Atiku, in a statement obtained by PUNCH Online, deemed this directive as “illegal” and claimed it undermines the operational independence of NNPCL.

Highlighting the Central Bank Act of 2007, Atiku pointed out that it does not grant the CBN the authority to vet transactions or manage internal controls and audits in state-owned enterprises. He urged the CBN to adhere to its core functions as stipulated by the law.

Atiku had previously questioned Tinubu in late January 2024 about the NNPCL’s $3.3 billion emergency crude repayment loan, secured in August 2023, aimed at supporting the naira and stabilizing the foreign exchange market.

Expressing concern about the lack of details surrounding the directive, Atiku argued that it is a violation of the legal status of NNPCL, criticizing the Tinubu-led administration for diverting control of the NNPCL’s finances to the Federal Ministry of Finance and the CBN.

CBN Governor Olayemi Cardoso disclosed that the NNPCL and the Ministry of Finance had agreed to remit all dollar revenues to the CBN to boost external reserves and foreign exchange flows.

Atiku labeled this move as “unprecedented” and lacking legal or ethical basis, emphasizing that the NNPCL, as per the Petroleum Industry Act of 2021, should operate independently. He urged the federal government to respect the law and allow NNPCL to function as an independent company, promoting transparency, accountability, and attracting investments in the petroleum industry. Atiku proposed NEITI and CBN’s involvement in overseeing the NNPCL’s bank accounts for crude sales proceeds to enhance transparency.

Previous Post

Fish out killers of Ekiti Obas, Igboho urges FG

Next Post

Actress jailed six months for spraying, stepping on Naira notes

Ademola Damilola

Ademola Damilola

Next Post
Actress jailed six months for spraying, stepping on Naira notes

Actress jailed six months for spraying, stepping on Naira notes

Comments 1

  1. Oluyole Fadola says:
    2 years ago

    Atiku appears Speaking from both sides of his mouth due to frustration coming from election defeat. On one side he is opposing the Nobel, but noble step taken to end corruption and lack of transparency in NNPCL. On another he wants NEITi and other bodies in monitoring the operations of the CBN in collection of the revenue. Of CBN lack capacity to warehouse the revenue, which other bank hasvthe capacity to do innigeria? Atiku is confused due defeat lag over the decades as za serial election loser

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 23.9k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
FG commences electronic verification for military veterans February 19

FG commences electronic verification for military veterans February 19

February 15, 2024
Fr Ogunyemi charges Catholic women to go MAD

Fr Ogunyemi charges Catholic women to go MAD

February 20, 2024
BREAKING: FCT Minister’s residence gutted by Fire

BREAKING: FCT Minister’s residence gutted by Fire

February 25, 2024
Dr Patrick Tyodzer Pillah: A Scholar Shaping Public Policy, Governance, and Environmental Management in Nigeria

Dr Patrick Tyodzer Pillah: A Scholar Shaping Public Policy, Governance, and Environmental Management in Nigeria

February 11, 2025
Culture making Africans intolerant of blessings for same-sex couples – Pope

Culture making Africans intolerant of blessings for same-sex couples – Pope

1
CBN lacks power to receive NNPCL crude sales – Atiku

CBN lacks power to receive NNPCL crude sales – Atiku

1
Soldier questions non-recognition as Tinubu lavishes gifts on Super Eagles

Soldier questions non-recognition as Tinubu lavishes gifts on Super Eagles

1
Fr Ogunyemi charges Catholic women to go MAD

Fr Ogunyemi charges Catholic women to go MAD

1
T2 partners Huawei to drive telecoms market re-entry

T2 partners Huawei to drive telecoms market re-entry

August 29, 2025
Equities dip, market capitalisation drops N438bn

Equities dip, market capitalisation drops N438bn

August 29, 2025
Japan affirms Afreximbank’s A- rating, stable outlook

Japan affirms Afreximbank’s A- rating, stable outlook

August 29, 2025
Dangote Group to build 3m metric tonnes, valued $2.5bn fertiliser plant in Ethiopia

Dangote Group to build 3m metric tonnes, valued $2.5bn fertiliser plant in Ethiopia

August 29, 2025

Recent News

T2 partners Huawei to drive telecoms market re-entry

T2 partners Huawei to drive telecoms market re-entry

August 29, 2025
Equities dip, market capitalisation drops N438bn

Equities dip, market capitalisation drops N438bn

August 29, 2025
Japan affirms Afreximbank’s A- rating, stable outlook

Japan affirms Afreximbank’s A- rating, stable outlook

August 29, 2025
Dangote Group to build 3m metric tonnes, valued $2.5bn fertiliser plant in Ethiopia

Dangote Group to build 3m metric tonnes, valued $2.5bn fertiliser plant in Ethiopia

August 29, 2025
Envision Nigeria

Envisionnigeria. com.ng is an on-line publication established to give expression to Article 19 of the Universal Declaration of Human Right. It is an apolitical community of Journalist and Global citizens committed to making the World a better place.

Follow Us

Browse by Category

  • Apps
  • Business
  • Crime
  • Culture
  • Education
  • Entertainment
  • Evironment
  • Fashion
  • Feature
  • Food
  • Foreign News
  • Gadget
  • Gaming
  • Health
  • In the News
  • Interview
  • Lifestyle
  • Mobile
  • Movie
  • Music
  • News
  • Politics
  • Review
  • Science
  • Sports
  • Startup
  • Tech
  • Travel
  • World

Recent News

T2 partners Huawei to drive telecoms market re-entry

T2 partners Huawei to drive telecoms market re-entry

August 29, 2025
Equities dip, market capitalisation drops N438bn

Equities dip, market capitalisation drops N438bn

August 29, 2025
  • About us
  • Advertise with us
  • Privacy Policy
  • Contact us

© 2024 Envision Nigeria Publications & Communication Limited

No Result
View All Result

© 2024 Envision Nigeria Publications & Communication Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In